Moderator: Peak Moderation
So...where's Spain going to get £15bn from?Trading in shares in the Spanish lender Bankia have been suspended in Madrid.
The market regulator CNMV said it was "due to circumstances that may affect the normal share trading".
Bankia is reported to be due to ask the government for a bailout of more than 15bn euros ($19bn; £12bn) after a board meeting later on Friday.
Capitalism is a car crash that is always waiting to happen and has done several time on our Journey from 1750 to here. What has always allowed capitalism to recover and paper over its inherent flaws, though, has been the potential for future growth.clv101 wrote:High oil prices contributed to the timing - but the crisis of capitalism would have happened anyway. The peak oil crowd shouldn't try and claim this as our own crisis.emordnilap wrote:Peak oil and the biggest crisis of capitalism ever occurring at exactly the same time.woodburner wrote:It is spelt "Greece" not "grease". How is it anything to do with Peak Oil?
And I was just shutting down the computer.stevecook172001 wrote:I was attempting to be (unsuccessfully) funny E.emordnilap wrote:You'd prefer jail?
Fair enough.
Ah well. Precisely. What do we get? Money placed in the bankers' pockets "to get them lending again" when a massive problem is lending too much in the first place! And still they're at it, it's going on and on. And on.SleeperService wrote:it's the system they've created that needs destroying.
The Guardian - 25/05/12
It's payback time: don't expect sympathy – Lagarde to Greeks
The International Monetary Fund has ratcheted up the pressure on crisis-hit Greece after its managing director, Christine Lagarde, said she has more sympathy for children deprived of decent schooling in sub-Saharan Africa than for many of those facing poverty in Athens.
In an uncompromising interview with the Guardian, Lagarde insists it is payback time for Greece and makes it clear that the IMF has no intention of softening the terms of the country's austerity package.
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That's a pretty poor post Stumuzz.stumuzz wrote:My daughters a banker and i'm very proud of her. She worked hard for her law degree and is doing well.
All this mob shouting for the death of bankers by mostly middle aged to old men. It's just so cowardly. If you feel that strongly go and protest. Reading some of the posts on here i doubt there is a backbone amongst most of the posters.
I'm not surprised though. Most of my life i have observed that most cowards shout from the back. Why would the internet be any different?
Why do you feel it is necessary to come to the defense of the banking industry? Are you blind to what has happened in this country (the whole western world) over the last 10 years?
The Independent - 26/05/12
The Home Office is planning for a possible large increase in immigration from Greece and other European Union nations in response to the crisis in the euro, Theresa May has revealed.
The Home Secretary told The Daily Telegraph "work is ongoing" to deal with large movements of people in the event of the break-up of the single currency.
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See, we DO need the extra runway at Heathrow after all ! how else can we let in so many quickly enough ?Aurora wrote:The Independent - 26/05/12
The Home Office is planning for a possible large increase in immigration from Greece and other European Union nations in response to the crisis in the euro, Theresa May has revealed.
The Home Secretary told The Daily Telegraph "work is ongoing" to deal with large movements of people in the event of the break-up of the single currency.
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Over to you, Jonny.adam2 wrote:See, we DO need the extra runway at Heathrow after all ! how else can we let in so many quickly enough ?Aurora wrote:The Independent - 26/05/12
The Home Office is planning for a possible large increase in immigration from Greece and other European Union nations in response to the crisis in the euro, Theresa May has revealed.
The Home Secretary told The Daily Telegraph "work is ongoing" to deal with large movements of people in the event of the break-up of the single currency.
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frank_begbie wrote:She added: "Do you know what? As far as Athens is concerned, I also think about all those people who are trying to escape tax all the time. All these people in Greece who are trying to escape tax."
Thank God we don't have that kind of behavour in this country
You're right, it's happening everywhere but the Greek nouveau riche have succeeded in turning tax evasion into a science.The Guardian - 26/05/12
Fearful German tourists add to Greece's woes by staying away in droves
Resentment over EU austerity measures and images of violent protests have led to 50,000 holidays being cancelled in 10 days.
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Democracy will be the first thing to go. Democracy has always only ever been the cultural icing on an underlying economic cake. If the cake start to disappear, the icing has no foundation. It's also the reason why Western interventions to impose Democracy in countries that have not had the prerequisite economic development nearly always end up failing.Lord Beria3 wrote:http://www.energybulletin.net/stories/2 ... and-others
Good article in the interactions of oil and debt are leading to peak government and the general slide in living standards.
Greece is the extreme edge of this reality - Britain is only just behind.
The long-term implications for the survival of democracy is grim, as Micheal Portillo has said repeatedly, democracy for most countries is relatively recent thing, and most have emerged during periods of growth (e..g. cheap oil) and rising living standards for the masses.
How many democracies have survived long periods of contraction and decline in living standards? Very few. if the Depression is anything to base things on, then we will see a return of dictatorships and revolutions over time.
The conditions of anather pan-European war are emerging.